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Qatar to invest $18bn in Egyptian projects

Giant $10bn tourist resort and $8bn of industrial schemes gain backing

NEWS, Projects, Egypt, Investment, Qatar, Tourism

The country is set to invest $8bn in gas, power and iron & steel plants along the northern entrance to the Suez canal and $10bn on a giant tourist resort anlong Egypt's Mediterranean coast, according to Arab News.

Qatar's Prime Minister Sheikh Hamad bin Jassim Al-Thani said: “We spoke with President Muhammad Mursi and agreed to invest $8bn on a power plant, natural gas and iron steel,” he said.

“This will be in a integrated complex in East Port Said.”

Speaking at a joint news conference with Egyptian PM Hisham Kandil, al Thani said the investment in the Port Said project would be made over a five-year period.

Egypt has received more than $5bn in loans and budget support from various organisations to help with the nation's reconstruction over the past few months - including $2bn in direct loans from Qatar.

It has already deposited $500m with the Egyptian Central Bank and said the remainder would be paid in over the next three months.

 

 

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Oct 13, 2019